AGM rush continues

22 June 2015 02:51 am - 0     - {{hitsCtrl.values.hits}}

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In a continuation of bizarre corporate and regulatory behaviour, 25 listed companies on the Colombo Stock Exchange will be holding their Annual General Meetings (AGM) this week.

This has created a situation where shareholders are unable to attend AGMs of different companies they hold interests in. On June 26, John Keells Holdings PLC, Arpico Insurance PLC, HDFC Bank and Hayleys PLC will be holding their AGMs at 10 a.m.

Further aggravating the circumstances, certain group companies are having their AGMs simultaneously, raising concerns whether the full board of directors or management team will be in attendance. For example, Vallibel Power Erathna PLC will be holding its AGM at 9.30 a.m. on June 26 at the Kingsbury, 
while Vallibel Finance PLC would hold theirs at the Chartered Accountants Auditorium at 10am on the same day.

Only 15 companies had announced their intentions to hold an AGM before the end of May, begging the question whether shareholders had been given proper and timely notification of the AGMs.

Meanwhile, another 45 AGMs will be held on the two days of June 29 and 30, only 16 of which were notified by June 5.

There is no stipulation by the capital market regulator, the Securities and Exchange Commission, on the minimum time period required for AGM notifications.
 
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